- JPMorgan economists cut their second-quarter forecast even more, now expecting the economy will decline by 40%.
- The economists said the 16.8 million jobless claims filed in the last three weeks indicate a huge surge in job losses, which they estimate at 25 million in April.
- A number of Wall Street firms expect contractions in the second quarter of 30% or more.
Chosen excerpts by Job Market Monitor. Read the whole story @ JPMorgan now sees economy contracting by 40%, and unemployment reaching 20%